MGI UK Area Limited - Limited company accounts 16.3

REGISTERED NUMBER: 05758387 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

FOR

MGI UK AREA LIMITED

Page

Company Information

1

Report of the Directors

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

6

to

8

DIRECTORS:

Mr A Worsdale

Mr R A S Isaacs

Mr S J Turner

Mr C A Morris

Mr S P Yeates

REGISTERED OFFICE:

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

REGISTERED NUMBER:

05758387 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The directors present their report with the financial statements of the company for the year ended 30 June 2016.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2015 to the date of this

report.

Mr A Worsdale

Mr R A S Isaacs

Mr S J Turner

Mr C A Morris

Other changes in directors holding office are as follows:

Mr P S Winter - resigned 26 August 2015

Mr P G Ewing - resigned 26 August 2015

Mr S P Yeates - appointed 3 September 2015

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

Mr S J Turner - Director

27 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of MGI UK Area Limited for the year ended 30 June 2016 which comprise the Profit

and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MGI UK Area Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MGI UK Area Limited and state those matters that we have agreed to state to the Board of Directors of MGI UK Area Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGI UK Area Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MGI UK Area Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MGI UK Area Limited. You consider that MGI UK Area Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MGI UK Area Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

27 February 2017

TURNOVER

325,361

143,682

Administrative expenses

284,441

134,946

40,920

8,736

Other operating income

1,010

(848

)

OPERATING PROFIT and

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

2

41,930

7,888

Tax on profit on ordinary activities

3

-

PROFIT FOR THE FINANCIAL YEAR

41,930

7,888

CURRENT ASSETS

Debtors

4

7,672

106,468

Cash at bank and in hand

61,777

96,504

69,449

202,972

CREDITORS

Amounts falling due within one year

5

10,494

185,947

NET CURRENT ASSETS

58,955

17,025

TOTAL ASSETS LESS CURRENT
LIABILITIES

58,955

17,025

CAPITAL AND RESERVES

Called up share capital

6

4

Profit and loss account

7

58,951

17,021

SHAREHOLDERS' FUNDS

58,955

17,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Directors on 27 February 2017 and were signed on
its behalf by:

Mr S J Turner - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less)

tax at a future date, at the average tax rates that are expected to apply when the timing differences

reverse, based on current tax rates and laws.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange

ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the

rate of exchange ruling at the date of transaction. Exchange differences are taken into account in

arriving at the operating result.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument

is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

2.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2016

2015

£

Foreign exchange differences

(1,010

)

848

Directors' remuneration

-

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 30 June 2016 nor for

the year ended 30 June 2015.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Trade debtors

5,150

91,050

VAT

1,329

-

Prepayments and accrued income

1,193

15,418

7,672

106,468

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Trade creditors

4,978

13,460

VAT

-

23,565

Other creditors

1,016

-

Accruals and deferred income

4,500

148,922

10,494

185,947

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

4

Ordinary

£1

4

7.

RESERVES

Profit

and loss

account

£

At 1 July 2015

17,021

Profit for the year

41,930

At 30 June 2016

58,951

8.	RELATED PARTY DISCLOSURES

The company was under the control of its directors throughout the current and previous year.

The company operates to benefit the members of MGI and the officers of the company are also

partners or directors in firms that are members of MGI.

During the year the company received subscriptions from its member firms where the directors are

partners or directors as follows;

2016

2015

£

Rickard Luckin Limited

Mr A Worsdale

15,240

10,785

ST Hampden Limited

Mr S J Turner

14,165

9,882

Carter Backer Winter LLP

Mr P Winter (resigned 26 August 2015)

7,177

14,327

Harrison Bedel & Owen Limited

Mr P Ewing (resigned 26 August 2015)

9,866

10,280

Milsted Langdon LLP

Mr R Isaac

18,040

13,525

Midgley Snelling

Mr S Yeates

14,335

-

Muras Baker Jones

Mr C Morris

12,566

8,526

Amount due from related party at balance sheet date;

2016

2015

£

Rickard Luckin Limited

Mr A Worsdale

-

ST Hampden Limited

Mr S J Turner

-

4,220

Carter Backer Winter LLP

Mr P Winter (resigned 26 August 2015)

-

Harrison Bedel & Owen Limited

Mr P Ewing (resigned 26 August 2015)

-

Milsted Langdon LLP

Mr R Isaac

-

Midgley Snelling

Mr S Yeates

150

-

Muras Baker Jones

Mr C Morris

-

6,840

Amount due to related party at balance sheet date;

2016

2015

£

Rickard Luckin Limited

Mr A Worsdale

-

ST Hampden Limited

Mr S J Turner

-

Carter Backer Winter LLP

Mr P Winter (resigned 26 August 2015)

-

Harrison Bedel & Owen Limited

Mr P Ewing (resigned 26 August 2015)

-

Milsted Langdon LLP

Mr R Isaac

1,177

-

Midgley Snelling

Mr S Yeates

-

Muras Baker Jones

Mr C Morris

-